Sri Lanka IFC investments upped after war

May 30, 2011 (LBO) – International Finance Corporation, the World Bank’s private sector financing arm, said it could double investments in Sri Lanka to nearly 70 million dollars a year after a 30-year war ended in the country. “We are ready to step up our investment in the post conflict era,” Pavol Wajda, program coordinator Advisory services, Sri Lanka and Maldives said.

“As the country is undertaking new developments, and moving towards middle income status IFC believes the private sector will play a key role.”

Wajda said this year IFC could disburse or sign up deals worth between 50 to 70 million dollars.

At the moment IFC was sitting on a portfolio of 135 million dollars in dozen companies including telecoms and financial services.

Over the past decade IFC has invested 507 million US dollars in Sri Lanka through a variety of products.

“We believe we can substantially increase the exposure,” Wajda said adding that the World Bank has also increased exposure to the country making it eligible for near commercial IBRD loans.

“We believe we can contribute to the development of the tourism sector, which is hopeful of fast growth. We believe we can contribute to agriculture development.